The S&P/ASX 200 Index (ASX: XJO) rose by 0.45% today to 7,014 points.
Here are some of the highlights from the ASX:
AVITA Medical Inc (ASX: AVH)
The AVITA share price went around 3% today after the healthcare business gave its quarterly update.
For the three months to 31 March 2021, the business saw reported RECELL revenue of $8.8 million, a 126% increase over the same quarter last year.
Procedural volumes in the third quarter of 2021 was 492, up from 408 in the same period last year and 487 in the quarter ended 31 December 2020.
AVITA added six new burn centre accounts in the third quarter of 2021, for a total of 99 accounts. This brings its penetration rate to 73% of the 136 US burn centres.
Of the approximately 300 total US burn surgeons, 244 (81%) have been trained and certified with RECELL and 147 (almost 50%) used RECELL in the third quarter.
AVITA Medical CEO Dr Mike Perry said:
We made steady progress over the last quarter as we continued to drive RECELL usage in our established hospital burn centre base with an increasing focus on smaller burns, and we continued to expand our physician training and outreach programs. As pandemic headwinds abate, we plan to leverage our highly experienced burns sales force and strong relationships built to date with the burn practitioner community to increase hospital access and to penetrate deeper in our existing accounts, resulting in additional procedures and engaging more burn practitioners.
Our three pivotal clinical trials in vitiligo, trauma and pediatric burns are continuing on schedule and we expect to see expanded indications for RECELL coming online, allowing us to serve an ever-growing population of patients.
Treasury Wine Estates Ltd (ASX: TWE)
Treasury Wine was one of the best performers in the ASX 200 today. It went up more than 6%.
It has continued to rise after revealing its long-term financial and sustainability goals.
The winemaker said that it wants to deliver sustainable revenue growth and high-single digit average earnings growth over the long-term. Some of that will be down to increasing its investment in technology to improve efficiencies and lower costs. It also wants to increase its percentage of premium sales. There are divisional targets based on the operating profile and long-term strategic objectives of each brand.
TWE also said that it’s targeting a cash conversion rate of more than 90%. The company is targeting stable dividends with a dividend payout ratio of between 55% to 70% of net profit.
The winemaker also wants to take action on its part relating to climate change. It said it wants 100% of its product packaging to be made of 50% recycled content by 2025, with all the packaging to be recyclable, reusable or compostable by 2022.
Xero Limited (ASX: XRO)
The Xero share price fell more than 4% today, adding onto yesterday’s declines in reaction to its FY21 result.
As a reminder, the ASX 200 share reported that its operating revenue grew by 18% to NZ$848.8 million and total subscribers increased by 20% to 2.74 million.
Xero’s FY21 earnings before interest, tax, depreciation and amortisation (EBITDA) grew by 39% to $137.7 million as it ramped up its advertising and other operating expenses in the second half of the year as COVID-19 concerns lessened.
The free cashflow generated went up 110% to almost NZ$60 million.